15 July 2026

Kendrick Resources Plc
("Kendrick" or "the Company")

 Teufelskuppe - Channel Sample Results

Kendrick Resources Plc is pleased to report strong portable X-ray fluorescence ("pXRF") surface channel sample results from five carbonatite bodies (TKCH001 to TKCH005) at Teufelskuppe ("TK"), confirming extensive and continuous, high-grade light rare earth oxide ("LREO") mineralisation over substantial widths.

The results reinforce TK's potential as a significant rare earth element ("REE") project, with representative channel sampling across all five exposed carbonatite bodies demonstrating continuous and pervasive LREO mineralisation consistent with the Company's drilling results.

Channel and drilling data will now support the Company's initial mineral resource estimate for TK, including the above-ground exposed mineralised carbonatite recently delineated by Digital Elevation Model ("DEM") survey and estimated at approximately 14Mt.

Highlights

·     Channel TKCH004 delivered the strongest headline grade, returning 2.94 wt% LREO over 53.5m.

·     Other exceptional continuous mineralised widths returned, including 1.42 wt% LREO over 197m at TKCH002, 1.91 wt% LREO over 84.5m at TKCH003 and 1.80 wt% LREO over 64m at TKCH001 and 1.31 wt% over 140m in TKCH005.

·     High-grade, continuous LREO mineralisation confirmed across all five carbonatite bodies, with peak internal intercepts including 3.20 wt% over 32.5m, 3.20 wt% over 6.5m, 2.95 wt% over 5.5m, 2.64 wt% over 9.5m and 2.26 wt % over 15m.

·     Results highlight the scale, continuity and grade potential of TK ahead of the Company's initial mineral resource estimate.

·     Exposure of continuous high-grade LREO mineralisation at surface reinforces the Company's original observation that a low-cost easily accessible resource can be exploited subject to completion of the current assessment. 

·     A third drill rig, a reverse circulation ("RC") rig has arrived on-site at TK and commenced drilling.

Colin Bird, Chairman of Kendrick Resources commented "The more results we receive the more I become impressed with the continuity and consistency of both grade and mineralisation which in this case are quite remarkable.

Having been involved in a number of mine project designs, erratic grade and distribution of mineralisation can often led to difficulty in designing the ultimate mine and processing complex. Grade and mineralisation continuity at TK are ideally suited to an optimised mine design. We eagerly await the results of our petrological and mineralogical test work which will form the basis of our flow sheet design. We are busily ticking the tonnage box, the grade box speaks for itself, and clarification of a metallurgical flow sheet will position this project in the world's top 3 undeveloped REE projects. I am pleased that we can report that the RC drill rig is on site and this will fast track us to maiden resource and thus progression to a Preliminary Economic Assessment."

ENDS

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About Kendrick Resources Plc

Kendrick Resources Plc is a mineral exploration and development company whose strategy is to acquire and enhance the value of its mineral resource projects through exploration, technical studies and resource development and to bring projects to production through joint venture or other arrangements or their sale.

The Kendrick Board has extensive resource project experience in southern Africa and has gravitated back to the region with the acquisition of the Bonya Rare Earth Project located in Namibia and in late 2025 exercised an option in relation to the acquisition of the Blue Fox Licence, 34412-HQ-LEL located in northwest Zambia.

About Teufelskuppe:

Development Plan Progress

The Company is progressing the TK project in line with the published Development Plan schedule announced on 6 May 2026. Verification of the in-house MRE and upgrading to compliance with JORC (2012) has been initiated alongside the still progressing diamond drilling and reverse circulation drilling campaign to ascertain the depth and sub-surface spread of carbonatite mineralisation below the natural surface profile of the TK landscape.

Economics and Markets

The predominant rare earths of economic value in the TK complex are light elements in the order Ce>La>Nd>Pr, with neodymium (Nd) and praseodymium (Pr) together providing an average 25% (by wt) of the ca. 3% wt% rare earth pool. HREO's average 0.15 wt% across surface and deeper carbonatites. These grades continue to position the TK carbonatite complex in the upper quartile on a global scale compared with the major producers of rare earths elsewhere (Center for Strategic and International Studies, January 2026).

Rare earths are critical to specific modern technologies where no effective substitutes exist. Sustained demand for super magnets in electronics, renewable energy, and electric vehicles continues to push prices upwards and manufacturing need shows no sign of slowing. The global metals market is valued at approximately $18.2 billion with a Compound Annual Growth Rate (CAGR) of 7.6% (Intnl. Energy Agency, 2026). The present trends are further underpinned by demands for rare earths used in defence systems, medical imaging, telecommunications and advanced visual displays. All these sector demands underpin the commercial potential of the TK project.

Diversification of market supply to meet increasing manufacturing need is a recognised priority for most industrialised nations and international partnerships are being formed to diversify and protect supply chains for key industrial sectors, and to safeguard against supply disruptions (Fortune Business Insights, 2026)

The Company is entirely focused on ways in which the development of TK can address the needs of free-market economies and to the benefit of all stakeholders including Namibia, the host nation.

Near-Term Development Plan for TK

The Company is advancing JORC-2012 certification of the provisional and visible 14Mt surface mineral resource estimate for TK as announced on 11 May 2026. Recent drill results further underpin the confidence that these surface resources are only a modest fraction of the mineable total as indicated on 15 May 2026. Channel data, when tied-in with the results from boreholes provide ever-increasing certainty of both lateral continuity in surface rare earth mineralisation and the continuation of REE-rich resources at mineable depths well below the natural desert land surface.

The Company projects a much larger resource for the overall project than is known at this time. Drill data is showing sub-surface geo-continuity thus offering a potentially significant resource upside.

TK is developing into a prospective new source of commercial rare earth production for free-market economies and industrialised nations, and the combination therein of ⁵⁹ Pr and ⁶⁰Nd remains the economic cornerstone of the Project. Development through to production will enable Namibia to realise and secure one of the largest newly recognised rare earth deposits in the world for defence and advanced technologies.

The nearby presence of other intrusive carbonatites at Kieshohe, together with a defined in-house (non-JORC) Mineral Resource and established access and infrastructure, positions TK as a near-term development opportunity with exciting potential.

Glossary:

Carbonatite: An igneous rock containing >50 modal % primary (magmatic) carbonate and ≤20 wt% SiO₂. There are three main types: Calcitic (calcio) carbonatites, magnesiocarbonatites and ferrocarbonatites. Occur as lava flows and more commonly as intrusions.

Carbonate: Common minerals containing the carbonate anion (CO3^2-) for example calcite (CaCO₃), dolomite (CaMg(CO₃)₂, siderite (FeCO₃) and Ankerite Ca(Fe,Mg,Mn)(CO₃)₂.

Cone sheet: A type of ring intrusion with margins which dip inwards.

Ferrocarbonatite: A carbonatite in which the main carbonate mineral is iron-rich, for example, ferroan dolomite, ankerite or siderite.

Fluorcarbonates: A group of minerals consisting of variable calcium, high fluorine, and rare earth elements. Examples are Synchysite and Parisite.

MRE: Mineral Resource Estimate

Parisite: A group of fluorcarbonates with typical mineral formula Ca(Ce/La/Nd/REE)₂(CO3)₃F₂.

JORC 2012 Mineral Resource Code: The Australian Code for Reporting Exploration results, Mineral resources and Ore reserves. Enforces minimum standards and guidelines for public reporting of mineral resources and ore reserves. Classifies mineral resources into Inferred, Indicated and Measured based on the level of geological confidence regarding the quality and quantity of the resource.

Petrological studies: the study of the formation of rocks, subsequent deformation and alteration. Quantification of mineral composition and mineral relationships.

REE : Rare Earth Elements. Elements with an atomic number between 57 and 71 plus Scandium and Yttrium.

TREE: Total Rare Earth Elements; sum of LREE and HREE to a total of 17 elements.

LREE: Light Rare Earth Elements including Lanthanum (La), Cerium (Ce), Neodymium (Nd), Praseodymium (Pr), Scandium (Sc), Samarium (Sm) and Europium (Eu) and Promethium (Pm).

HREE: Heavy Rare Earth Elements including Yttrium (Y), Gadolinium (Gd), Terbium (Tb), Dysprosium (Dy), Holmium (Ho), Erbium (Er), Thulium (Tm), Ytterbium (Yb) and Lutetium (Lu).

LREO: Light Rare Earth Oxides including La2O3, CeO2, Nd2O3, Pr6O11, Sc2O3, Sm2O3, Eu2O3.

HREO: Heavy Rare Earth Oxides including Y2O3, Gd2O3, Tb4O7, Dy2O3, Ho2O3, Er2O3, Tm2O3, Yb2O3 and Lu2O3.

TREO: Total Rare Earth Oxides.

Wt % = Weight Percentage